Sweden continues to lead Nordics

According to the Private Equity Managers Index, published by the Swedish Venture Capital Association (SVCA), there is new confidence in the industry.

Macroeconomic considerations continue to scare investors and feed scepticism. The poor performance across multiple sectors and indicators makes for conservative projections and the adoption of strict risk management. Additionally, Sweden's private fund industry has long been the subject of political debate: taxes on carried interest are due to be increased as in other markets like the US or Germany.

Yet, almost half of the surveyed buyout houses intend to start fundraising until 2014. Venture capitalists follow this positive lead with almost one third of surveyed firms considering raising capital.

From a financing point of view, the situation is unlikely to change: banks are hard to convince unless the fund managers' track record and the target's specs are bullet-proof.

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